AXA/2025/FY/Earnings presentation

Document info
Organization	AXA
Year	2025
Period	FY
Period label	FY25
Document type	Analyst presentation
Publication date	2026-02-26
Language	English
Pages	49
Source	Original URL
Archive file	.md file

This article summarizes AXA's full-year 2025 earnings presentation, published on 26 February 2026.

Front matter

Full Year 2025 earnings presentation

• AXA Full Year 2025 earnings presentation delivered on February 26, 2026 ^{p. 1}

Important legal information and cautionary statements concerning forward-looking statements and the use of non-GAAP financial measures

• Forward-looking statements include predictions of future events, trends, plans, expectations, or objectives ^{p. 2}.
• One-off guidance is provided in this presentation regarding expected underlying earnings per share (UEPS) growth for 2026 in the context of the last year of the Group's current strategic plan ^{p. 2}.
• Risk factors and uncertainties that may affect AXA's business are described in Part 5 "Risk Factors and Risk Management" of AXA's 2024 Universal Registration Document ^{p. 2}.
• Alternative performance measures (APMs) used include "Underlying earnings", UEPS ("underlying earnings per share"), "underlying return on equity", "combined ratio", and "debt gearing" ^{p. 2}.
• Financial statements for the year ended December 31, 2025 were examined by the Board of Directors on February 25, 2026, and are subject to completion of an audit procedure by statutory auditors ^{p. 2}.

Table of contents

• FY25 Highlights presented by Thomas Buberl, Group CEO [p.3; p.04]
• FY25 Business Performance presented by Guillaume Borie, Global Head of Finance, Strategy, Underwriting, Risk, and Technology [p.3; p.09]
• FY25 Financial Performance presented by Alban de Mailly Nesle, Group CFO [p.3; p.13]

FY25 Highlights

• Section divider for "1 FY25 Highlights" presented by Thomas Buberl, Group CEO ^{p. 4}.

Full Year 2025 | Excellent performance

Key financial highlights, FY25 ^{p. 5}

Metric	Value
Revenues	+6% vs. FY24
Underlying EPS	+8% vs. FY24
Return on equity	16%
Solvency II ratio	224%
Shareholder value	+8% DPS growth and EUR 1.25bn annual share buyback
Growth outlook	Confident to deliver underlying EPS growth at the upper end of the 6%-8% target range for 2026

Executing the plan on growth, margin and efficiency

Underlying earnings, FY24 vs FY25 ^{p. 6}

EUR billion unless otherwise mentioned	FY24	FY25	Change at constant FX	Change excluding AXA IM
Underlying earnings	8.1	8.4	+6%	+9%

• Top line growth +6% LFL, well balanced across lines: P&C +5%, Life +9%, Health +5%
• Record profitability driven by further margin expansion in P&C and L&H, alongside improvement in efficiency
• Scaling the business through continued investments in growth and technology
• Earnings growth remains consistent while enhancing reserve prudence

Diversified franchise, well positioned in an attractive industry

• Secular trends fuel demand across businesses, driven by protection gaps and emerging corporate risks alongside demographics driving demand for private retirement and healthcare ^{p. 7}.

Business mix	Share
Life	33%
Health	17%
Large & Specialty	17%
SME & Mid-market	16%
Retail	17%

• Our right to win is supported by four strategic pillars:
  • Leading brand & high customer NPS ^{p. 7}
  • Strong and diversified distribution ^{p. 7}
  • Technical expertise to price & underwrite risks ^{p. 7}
  • Scale offering cost advantage ^{p. 7}
• (donut) Business mix by FY25 gross written premium split (excluding AXA IM and holdings):

Laying the foundation for the next plan

• Strategic pillars established to lay the foundation for the next plan ^{p. 8}:
  • Clear tech and AI roadmap ^{p. 8}
  • Driving efficiency ^{p. 8}
  • Enhancing capital allocation discipline ^{p. 8}
  • Building resilience ^{p. 8}
• Earnings growth outlook supported by strong confidence in sustaining performance ^{p. 8}.

FY25 Business Performance

• Section 2: FY25 Business Performance, presented by Guillaume Borie, Global Head of Finance, Strategy, Underwriting, Risk, and Technology ^{p. 9}.

Strong delivery across our businesses

EUR billion unless otherwise mentioned	% of total GWP	Gross written premiums	Underlying earnings
France	27%	31 (+6% LFL)	2.2 (+7% LFL)
Europe	38%	43 (+6% LFL)	3.5 (+9% LFL)
AXA XL	17%	19 (+4% LFL)	1.9 (+9% LFL)
Asia, Africa & EME-LATAM	18%	20 (+13% LFL)	1.5 (+6% LFL)

P&C | Strong margins, confidence in sustaining growth

• Underlying earnings +9% LFL to EUR 5.9bn ^{p. 11}.
• (pie) GWP mix: EUR 58bn total GWP, split across Retail, SME & Mid-market, and AXA XL (Large & Specialty) ^{p. 11}.
  • AXA XL GWP includes AXA XL Re premiums of EUR 2.6bn ^{p. 11}.
• (diagram) Strategic roadmap:
  • Retail and SME & Mid-market:
    • 2025: Growing volumes while expanding margins ^{p. 11}.
    • Beyond 2025: Investing to improve customer retention and expanding distribution footprint ^{p. 11}.
  • AXA XL (Large & Specialty):
    • 2025: Profitable growth with stable margins ^{p. 11}.
    • Beyond 2025: Capitalizing on attractive growth opportunities and continued cycle management ^{p. 11}.
  • Enablers: Continued progress on efficiency, higher investment income, and data & AI to further enhance customer experience and technical excellence ^{p. 11}.

L&H | Good momentum, well positioned to capture growth opportunities

• (pie) GWP mix: EUR 57bn total GWP, split between Long-term and Short-term business ^{p. 12}
• Underlying earnings +7% LFL to EUR 3.5bn (reported change at constant FX) ^{p. 12}
• Long-term business strategic priorities:
  • 2025: Accelerating net flows in Savings at attractive margins ^{p. 12}
  • Beyond 2025: Capturing savings & retirement opportunity, sourcing best asset management products for our customers ^{p. 12}
• Short-term business strategic priorities:
  • 2025: Growing technical results while absorbing Mexico VAT impact ^{p. 12}
  • Beyond 2025: Capitalizing on demand for health & protection while further improving our margins ^{p. 12}
• Strategic enablers:
  • Focus on cost reduction ^{p. 12}
  • Increasing penetration of Protection riders in Savings offerings ^{p. 12}
  • Leveraging AI to reduce claims leakage & improve customer outcomes in Health ^{p. 12}

FY25 Financial Performance

• Section title: FY25 Financial Performance ^{p. 13}
• Presenter: Alban de Mailly Nesle, Group CFO ^{p. 13}

P&C | Continued disciplined growth

GWP & other revenues by line, FY24 vs FY25 ^{p. 14}

EUR billion unless otherwise mentioned	FY24	FY25	Change LFL	o/w pricing	o/w volume
Commercial lines	—	35.8	+4%	+2%	+2%
AXA XL Reinsurance	—	2.6	+8%	+0.3%	+7%
Retail lines	—	19.7	+7%	+5%	+2%
Total	56.5	58.0	+5%	—	—

• Commercial lines growth driven by continued pricing momentum and volume growth in Mid-market and SME ^{p. 14}
• AXA XL Insurance strategy focused on growing in lines of business with attractive margins while remaining focused on retention ^{p. 14}
• AXA XL Reinsurance growth supported by alternative capital ^{p. 14}
• Retail lines growth supported by favorable pricing trends and strong growth in net new contracts with +1.7m in FY25 ^{p. 14}

P&C | Delivering further margin expansion while enhancing reserve prudence

Combined ratio components, FY24 vs FY25 ^{p. 15}

%	FY24	FY25
Undiscounted CY loss ratio (ex Nat Cat)	67.4	67.0
Expense ratio	25.0	24.8
Nat Cat	3.8	3.4
Prior year reserve development	-1.6	-1.1
Discount	-3.6	-3.5

• Combined ratio improved to 90.6% (prior: 91.0%) ^{p. 15}
• Undiscounted current year loss ratio excluding Nat Cat improved, driven by:
  • Margin expansion in Commercial lines SME & mid-market business and Personal lines reflecting a favorable pricing environment ^{p. 15}
  • Stable AXA XL Insurance margins at attractive levels reflecting disciplined cycle management ^{p. 15}
• Expense ratio improved reflecting the impact of efficiency measures, while continuing to invest in growth initiatives and technology ^{p. 15}
• Nat Cat charges remained below normalized load ^{p. 15}
• Prior year reserve development reliance was lower, taking advantage of a good year to enhance reserve prudence ^{p. 15}

P&C | Earnings growth from higher underwriting and financial result

Underlying earnings bridge, FY24 to FY25 ^{p. 16}

EUR million	Underlying earnings
FY24	5,510
Underwriting result (Volume growth)	+292
Underwriting result (Margin improvement)	+189
Financial result (Investment income)	+435
Financial result (Insurance finance expenses)	-235
Tax	-169
Affiliates, FX & other	-150
FY25	5,872

• Underlying earnings grew +9% at constant FX.
• Underwriting result improved from strong volume growth and improved all-year combined ratio while enhancing reserve prudence.
• Investment income increased reflecting higher volumes and better reinvestment yields on fixed income assets.
• Insurance finance expenses impacted by higher unwind of discount of claims reserves, in line with guidance.
• Forex impact was unfavorable, notably due to USD depreciation vs. EUR.

Life & Health | Strong growth in premiums, positive net flows

GWP & other revenues and Net flows, FY24 vs FY25 ^{p. 17}

EUR billion unless otherwise mentioned	FY24	FY25	LFL Change	Net flows FY25
Life GWP & other revenues	34.5	37.5	+9%	—
Protection	—	17.3	+11%	+4.9
Unit-linked	—	9.3	+13%	+1.5
Capital light G/A	—	9.0	+7%	+1.2
Traditional G/A	—	1.9	-7%	-5.0
Employee Benefits	—	12.9	+4%	—
Health GWP & other revenues	17.5	19.0	+5%	—
Individual	—	10.5	+6%	—
Group	—	8.5	+4%	—
Total Net flows	—	—	—	+5.4
Health	—	—	—	+2.7

• Employee Benefits includes both short-term and long-term Employee Benefits GWP and other revenues.
• Net flows FY25: EUR +5.4bn (vs EUR +1.5bn in FY24).

Life & Health | Strong volume growth in Savings and Protection impacted by higher interest rates on discounting

PVEP, NB CSM, and NBV, FY24 vs FY25 ^{p. 18}

EUR billion unless otherwise mentioned	FY24	FY25	LFL Change
PVEP	50.9	49.4	-2%
Protection & Health	—	31.4	-4%
Unit-Linked	—	8.5	+18%
Capital-light G/A	—	7.8	-10%
Traditional G/A	—	1.7	-10%
NB CSM (pre-tax)	2.2	2.2	+3%
NBV (post-tax)	2.3	2.2	stable

• PVEP impacted by higher interest rates on discounting despite strong growth in Life volumes.
• NB CSM driven by robust Savings & Protection sales; reported growth impacted by higher interest rates for discounting of future profits.
• NBV broadly stable as strong growth in NB CSM balanced lower contribution from short-term multinational business in France.
• NBV margin: 4.4% in FY24 vs 4.5% in FY25.

Life & Health | Growth in new business driving Normalized CSM growth

Contractual Service Margin rollforward ^{p. 19}

EUR billion	Contractual Service Margin
FY24	33.6
New business CSM	+2.2
Underlying return on in-force	+1.3
CSM release	-3.0
Economic variance	+0.6
Operating variance	-0.3
Affiliates, FX & other	-1.4
FY25	33.0

• Normalized CSM +2% LFL, with CSM release growth reflecting better margins and new business CSM growth impacted by higher rates ^{p. 19}.
• Economic variance reflecting government spreads tightening and positive equity market returns ^{p. 19}.
• Operating variance driven by better margins and net flows that were more than offset by a reduction in the duration of Group Life business in Switzerland ^{p. 19}.
• FX impact mainly from JPY and HKD depreciation ^{p. 19}.
• FY24: o/w Life: EUR 25.8bn, o/w Health: EUR 7.7bn ^{p. 19}
• FY25: o/w Life: EUR 25.4bn, o/w Health: EUR 7.6bn ^{p. 19}

Life & Health | Strong momentum in both short-term and long-term business

Underlying earnings bridge FY24 to FY25 ^{p. 20}

EUR million	Underlying earnings
FY24	3,323
Short-term technical margin	+60
Long-term result incl. CSM release	+156
Financial result	-11
Tax, FX and others	-27
FY25	3,501

• Underlying earnings increased +7% LFL to EUR 3,501m ^{p. 20}.
• Short-term technical margin: EUR 415m in FY24 to EUR 479m in FY25 ^{p. 20}.
• Long-term result incl. CSM release: EUR 2,680m in FY24 to EUR 2,804m in FY25 ^{p. 20}.
• Financial result: EUR 975m in FY24 to EUR 946m in FY25 ^{p. 20}.
• Tax & others: -EUR 748m in FY24 to -EUR 728m in FY25 ^{p. 20}.
• Life segment underlying earnings increased to EUR 2.7bn (+4% vs. FY24; FY24 was EUR 2.6bn) ^{p. 20}.
• Health segment underlying earnings increased to EUR 0.8bn (+17% vs. FY24; FY24 was EUR 0.7bn) ^{p. 20}.
• Short-term technical margin strong, reflecting underwriting and claims initiatives that more than offset the impact of legislative change on the recoverability of value added tax in Mexico of -EUR 0.1bn ^{p. 20}.
• Long-term results higher from increase in CSM release (+8%) reflecting growth in reserve base, including from favorable equity market performance, and better margins ^{p. 20}.

Growth in net income reflecting higher earnings & the gain from the sale of AXA IM

Earnings and net income ^{p. 21}

EUR billion unless otherwise mentioned	FY24	FY25	Change (constant FX)
Property & Casualty	5.5	5.9	+9%
Life & Health	3.3	3.5	+7%
Asset Management	0.4	0.2	-57%
Holdings & other	-1.2	-1.2	flat
Underlying earnings	8.1	8.4	+6%
Non-financial flows	-0.5	2.1	—
Capital gains from AXA IM disposal	—	2.2	—
Financial flows (incl. RCG)	0.3	-0.7	—
Net income	7.9	9.8	+26%

Underlying earnings per share ^{p. 21}

Euro unless otherwise mentioned	FY24	FY25	Change (reported basis)
Underlying earnings per share	3.59	3.86	+8%
Earnings growth contribution	—	—	+6%
Capital management contribution	—	—	+3%
Forex impact	—	—	-2%
Temporary dilution	—	—	-1%

• Underlying earnings driven by strong performance from insurance businesses ^{p. 21}
• Holding cost stable, expected to remain at current level in 2026 ^{p. 21}
• Net income increase mainly reflects higher underlying earnings and the gain from the sale of AXA IM ^{p. 21}
• Financial flows lower, reflecting unfavorable forex impact ^{p. 21}
• Temporary dilution: includes -1% from temporary earnings dilution from AXA IM sale due to the timing of anti-dilutive share buyback ^{p. 21}

Shareholders' Equity

• Shareholders' equity (Group share) trends in EUR billion ^{p. 22}:
  • (stacked bar) Shareholders' equity (SHE):
    • FY24: EUR 49.9bn total (SHE excl. OCI: EUR 58.0bn; Net OCI: EUR -8.1bn) ^{p. 22}
    • HY25: EUR 45.5bn total (SHE excl. OCI: EUR 52.7bn; Net OCI: EUR -7.2bn) ^{p. 22}
    • FY25: EUR 47.2bn total (SHE excl. OCI: EUR 54.0bn; Net OCI: EUR -6.8bn) ^{p. 22}
  • SHE (excl. OCI & undated subordinated debt): EUR 53.2bn in FY24 → EUR 47.0bn in HY25 → EUR 49.4bn in FY25 ^{p. 22}
  • Debt gearing: 20.6% in FY24 → 23.4% in HY25 → 22.3% in FY25 ^{p. 22}
  • Underlying ROE: 15.2% in FY24 → 17.5% in HY25 → 16.0% in FY25 ^{p. 22}
• Shareholders' equity bridge (in EUR billion) ^{p. 22}:
  • Opening Shareholders' equity: EUR 49.9bn (FY24 to FY25) | EUR 45.5bn (HY25 to FY25) ^{p. 22}
  • Change in Net OCI: +EUR 1.3bn (FY24 to FY25) | +EUR 0.4bn (HY25 to FY25) ^{p. 22}
  • Net income for the period: +EUR 9.8bn (FY24 to FY25) | +EUR 5.9bn (HY25 to FY25) ^{p. 22}
  • Dividend: -EUR 4.6bn (FY24 to FY25) | nil (HY25 to FY25) ^{p. 22}
  • Annual share buyback: -EUR 1.2bn (FY24 to FY25) | nil (HY25 to FY25) ^{p. 22}
  • Anti-dilutive share buyback following the sale of AXA IM: -EUR 3.5bn (FY24 to FY25) | -EUR 3.5bn (HY25 to FY25) ^{p. 22}
  • Undated subordinated debt (including interest charges): -EUR 0.3bn (FY24 to FY25) | -EUR 1.2bn (HY25 to FY25) ^{p. 22}
  • Forex: -EUR 3.5bn (FY24 to FY25) | -EUR 0.1bn (HY25 to FY25) ^{p. 22}
  • Other: -EUR 0.6bn (FY24 to FY25) | +EUR 0.3bn (HY25 to FY25) ^{p. 22}
  • Closing Shareholders' equity: EUR 47.2bn (FY24 to FY25) | EUR 47.2bn (HY25 to FY25) ^{p. 22}

Higher organic cash remittance and robust cash position at Holding

Net cash remittance and holding cash position bridge ^{p. 23}

EUR billion unless otherwise mentioned	FY24	FY25
Ordinary remittance	7.1	7.5
Proceeds related to in-force treaties	0.6	—
Net cash remittance total	7.7	7.5
Remittance ratio	82%	82%

EUR billion	Holding cash position
FY24 cash position	4.0
Net cash remittance from subsidiaries	+7.5
Dividend	-4.6
Annual share buyback	-1.2
Anti-dilutive share buyback following the sale of AXA IM	-3.5
Holding costs and interest expenses	-1.3
Change in net debt	+1.6
M&A and other	+3.1
FY25 cash position	5.6

• Proceeds related to in-force treaties of EUR 0.6bn in FY24 related to L&S reinsurance in-force treaties at AXA France and AXA Life Europe ^{p. 23}

Solvency II at 224%

Solvency II walk, FY24 to FY25 ^{p. 24}

EUR billion unless otherwise mentioned	Eligible Own Funds (EOF)	Solvency Capital Requirement (SCR)	Solvency II ratio (%)
FY24	55.9	25.9	216
Regulatory & model changes	+0.2	0.0	+0
Normalized capital generation	+8.8	+0.6	+28
Operating variance	-0.4	0.0	-1
Economic variance & FX	-2.1	-1.2	+4
Dividend & annual share buyback	-6.0	0.0	-24
Management actions, debt & other	-0.1	-0.2	+2
FY25	56.4	25.2	224

• Solvency II ratio increased to 224% in FY25 (was 216% in FY24) ^{p. 24}.
• Dividend & annual share buyback includes foreseeable dividends of -EUR 4.8bn and provision for annual share buyback for 2026 of -EUR 1.25bn ^{p. 24}.

Key sensitivities on Solvency II ratio as of December 31, 2025 (Base: 224%) ^{p. 24}

Sensitivity	Change (pts)
Interest rate +50bps	+2
Interest rate -50bps	-1
Corporate spreads +50bps	-1
Euro Sovereign spreads +50bps	-7
Credit migration	-4
Listed Equity (excl. PE & Infra) +25%	-1
Listed Equity (excl. PE & Infra) -25%	+2
PE & Infra +25%	+14
PE & Infra -25%	-19
Inflation swap curve +50bps	-5

• Euro Sovereign spreads +50bps: assumes 50bps spread widening of Euro sovereign bonds vs. Euro swap curve applied on sovereign and quasi-sovereign exposures ^{p. 24}
• Credit migration: assumes 20% of corporate bonds, including private debt, held are downgraded by one full letter / 3 notches ^{p. 24}

Solvency II -impact of the end of grandfathering period and Solvency II revision

Solvency II ratio and impacts ^{p. 25}

Metric	Value
Solvency II ratio as of December 31, 2025	224%
Grandfathering end impact on January 1, 2026	-10pts
Solvency II revision impact (estimated for 1Q27)	+17pts

• EUR 2.4bn grandfathered debt is no longer eligible as capital from January 1, 2026.
• No change is expected in organic capital generation.
• Provides additional capital flexibility.
• Revision impact is estimated based on the Solvency Capital Requirement (SCR) and the amount of capital (EOF) under Solvency II as of January 1, 2026, as if the Solvency II revision had come into force on the same date.
• Grandfathering end impact on January 1, 2026 is -10pts, reducing the ratio to 215% ^{p. 25}.

Thomas Buberl, Group CEO conclusion

• Conclusion presented by Thomas Buberl, Group CEO ^{p. 26}

Conclusion

• Record results achieved at the top end of the target range while enhancing reserve prudence ^{p. 27}.
• Business performance shows all businesses in excellent shape, delivering strong growth and profitability ^{p. 27}.
• Diversified franchise is well-positioned to capture future growth opportunities ^{p. 27}.
• Strategic outlook focused on laying foundations for the next plan and confident in delivering sustainable earnings growth ^{p. 27}.

February 26, 2026 Q&A Full Year 2025 earnings

• Q&A session for Full Year 2025 Earnings held on February 26, 2026 ^{p. 28}

AXA Investor Relations | Keep in touch

• Investor Relations contact: +33 1 40 75 48 42; investor.relations@axa.com ^{p. 29}
• Follow us: www.axa.com ^{p. 29}
• Financial calendar:
  • March: Roadshows (Europe and US) ^{p. 29}
  • May 5: 1Q25 Activity Indicators (Paris) ^{p. 29}
  • June 2: BNP Paribas Exane CEO Conference (Paris) ^{p. 29}
  • June 2-4: Goldman Sachs European Financials Conference (Zurich) ^{p. 29}
  • July 31: HY26 Earnings Release (Paris) ^{p. 29}
  • September 21: AXA Investor Day (London) ^{p. 29}

Appendices

• Section divider slide marking the beginning of the Appendices section ^{p. 30}.

• Debt and Invested Assets ^{p. 31}
• Additional P&C disclosures ^{p. 36}
• Additional IFRS17 disclosures ^{p. 41}
• Sustainability ^{p. 44}

Gross financial debt and maturity breakdown as of December 31st, 2025

• Debt gearing was 20.6% in FY24 and 22.3% in FY25 ^{p. 32}.
• (stacked bar) Gross financial debt (nominal debt):
  • FY24: EUR 19.2bn total (Tier 1: EUR 4.8bn, Tier 2: EUR 10.8bn, Senior debt: EUR 3.5bn) ^{p. 32}
  • FY25: EUR 20.3bn total (Tier 1: EUR 4.6bn, Tier 2: EUR 12.2bn, Senior debt: EUR 3.5bn) ^{p. 32}
  • Jan 1st 2026 (End of the grandfathering period): EUR 20.3bn total (Tier 1: EUR 3.2bn, Tier 2: EUR 11.3bn, Senior debt: EUR 5.8bn, of which EUR 0.4bn redeemed in Jan 2026) ^{p. 32}
• (stacked bar) Contractual maturity breakdown:
  • 2028: EUR 0.5bn (Senior debt) ^{p. 32}
  • 2030: EUR 0.9bn total (Tier 2: EUR 0.7bn, Senior debt: EUR 0.2bn) ^{p. 32}
    • o/w Grandfathered debt: Tier 2: EUR 0.7bn ^{p. 32}
  • 2031-2039: EUR 1.5bn (Senior debt) ^{p. 32}
  • ≥2040: EUR 11.3bn total (Tier 2: EUR 10.8bn, Senior debt: EUR 0.5bn) ^{p. 32}
    • o/w Grandfathered debt: Tier 2: EUR 0.2bn ^{p. 32}
  • Undated: EUR 5.3bn total (Tier 1: EUR 4.6bn, Tier 2: EUR 0.7bn) ^{p. 32}
    • o/w Grandfathered debt: Tier 1: EUR 1.4bn ^{p. 32}
• (stacked bar) Economic maturity breakdown (taking into account the first date of step up calls on institutionally placed subordinated debt):
  • 2026: EUR 0.1bn (Tier 1) ^{p. 32}
    • o/w Grandfathered debt: Tier 1: EUR 0.1bn ^{p. 32}
  • 2027: EUR 2.4bn (Tier 2) ^{p. 32}
  • 2028: EUR 0.6bn total (Tier 1: EUR 0.1bn, Senior debt: EUR 0.5bn) ^{p. 32}
    • o/w Grandfathered debt: Tier 1: EUR 0.1bn ^{p. 32}
  • 2029: EUR 2.0bn (Tier 2) ^{p. 32}
  • 2030: EUR 0.9bn total (Tier 2: EUR 0.7bn, Senior debt: EUR 0.2bn) ^{p. 32}
    • o/w Grandfathered debt: Tier 2: EUR 0.7bn ^{p. 32}
  • 2031-2039: EUR 1.5bn total (Tier 1: EUR 0.4bn, Tier 2: EUR 6.4bn, Senior debt: EUR 1.5bn) ^{p. 32}
    • o/w Grandfathered debt: Tier 1: EUR 0.4bn ^{p. 32}
  • ≥2040: EUR 0.5bn (Senior debt) ^{p. 32}
    • o/w Grandfathered debt: Tier 2: EUR 0.2bn ^{p. 32}
  • Undated: EUR 4.7bn total (Tier 1: EUR 4.0bn, Tier 2: EUR 0.7bn) ^{p. 32}
    • o/w Grandfathered debt: Tier 1: EUR 0.8bn ^{p. 32}
• In January 2026, AXA called the remaining Tier 2 grandfathered GBP 139m due 2054 callable 2034 5.625% issued January 2014, and the Tier 1 grandfathered EUR 250m perpetual callable 2010 floating issued January 2005 ^{p. 32}.

General Account invested assets

• (donut) Total General Account invested assets: EUR 450bn with a duration gap at -0.4 year ^{p. 33}
• Total Insurance Invested assets: EUR 450bn (100%) ^{p. 33}
  • Fixed income: EUR 345bn (77%) ^{p. 33}
    • Government bonds: EUR 167bn (37%) ^{p. 33}
    • Corporate bonds and loans: EUR 121bn (27%) ^{p. 33}
    • Other fixed income: EUR 56bn (13%), including Asset Backed Securities of EUR 25bn, Residential Loans of EUR 16bn, Commercial & Agricultural Loans of EUR 7bn, and Agency Pools of EUR 8bn ^{p. 33}
  • Real estate: EUR 41bn (9%) ^{p. 33}
  • Infrastructure equity: EUR 10bn (2%) ^{p. 33}
  • Listed equities: EUR 10bn (2%), including hedges; listed equities excluding hedges at EUR 14bn ^{p. 33}
  • Private equity and hedge funds: EUR 23bn (5%), including Private Equity of EUR 17bn, Hedge Funds of EUR 5bn, and Non-listed Equities of EUR 1bn ^{p. 33}
  • Cash: EUR 19bn (4%) ^{p. 33}
  • Policy loans: EUR 2bn (0%) ^{p. 33}

Structured and Private Credit assets

• Residential mortgages: EUR 16bn (4% of total G/A portfolio); includes EUR 6bn Dutch mortgages (NHG guaranteed) and EUR 10bn self-originated mortgages in Switzerland (56% LTV) and Germany (45% LTV) ^{p. 34}.
• CLO & ABS: EUR 25bn (6% of total G/A portfolio); 91% senior CLOs with circa 40% subordination, with 100% rated AAA-A and 92% rated AAA-AA ^{p. 34}.
• Infrastructure debt: EUR 8bn (2% of total G/A portfolio); skewed towards resilient industries including Telecom, Utilities, and Transport ^{p. 34}.
• CRE debt: EUR 8bn (2% of total G/A portfolio); strong sector diversification (mainly logistics, residential, and retail), mostly in Europe, and circa 60% LTV ^{p. 34}.
• Mid-Market lending: EUR 10bn (2% of total G/A portfolio); strong diversification with EUR 8m average ticket, invested through SMAs with strict underwriting guidelines (senior secured, covenants, restrictions on asset sales, and sector allocation) ^{p. 34}.
• Other structured assets: EUR 2bn (0% of total G/A portfolio) ^{p. 34}.
• Total structured assets: EUR 69bn (15% of total G/A portfolio), of which 54% is participating ^{p. 34}.

Investment portfolio | Fixed Income reinvestment

Fixed income reinvestment ^{p. 35}

EUR billion unless otherwise mentioned	Reinvestment asset mix	Reinvestment yield
Government bonds & related	32%	—
Investment grade credit	40%	—
ABS/CLO/IG fund financing	21%	—
Below investment grade credit	7%	—
Public fixed income	—	3.5%
Private & Structured fixed income	—	4.7%
Total fixed income	—	3.9%

• Fixed income reinvestment totaled EUR 57bn in FY25.
• Reinvestment duration averaged 9 years.
• Private & Structured credit reinvestment reached EUR 19.7bn at a yield of 4.7%, covering CLOs, ABS, infrastructure & CRE debt, fund financing, and private high yield.
• Strategic asset allocation reflects a gradual shift from alternative total return assets to private & structured credit.

• Table of contents section divider ^{p. 36}:
  • 1. Debt and Invested Assets ^{p. 31}
  • 2. Additional P&C disclosures ^{p. 36}
  • 3. Additional IFRS17 disclosures ^{p. 41}
  • 4. Sustainability ^{p. 44}

AXA XL Insurance | Large Commercial & Specialty business

AXA XL Insurance FY25 GWP by line of business and geography ^{p. 37}

USD billion unless otherwise mentioned	Line of business	Share	Geography	Share
Total	19	—	19	—
—	Casualty	35%	Americas	46%
—	Property	29%	Europe & APAC	35%
—	Specialty	19%	UK & Lloyds	19%
—	Professional lines (including Cyber)	17%	—	—

• AXA XL Insurance is well diversified across lines of business and geographies, holding leading market positions across lines.
• Market leadership positions include Top 3 globally in:
  • Multinational Programs
  • Marine
  • Fine Art & Specie
• (bubble) Managing the cycle to deliver consistent profitability (Profitability vs Ex-price growth %):
  • Property: Highest profitability and highest ex-price growth
  • Specialty: Medium profitability and medium ex-price growth
  • Casualty: Medium-low profitability and medium-low ex-price growth
  • Professional lines: Lowest profitability and lowest ex-price growth

P&C | Focus on Reserves

Claims reserves ratio and Technical reserves ratio ^{p. 38}

Ratio	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Claims reserves ratio (IFRS4)	179%	185%	193%	188%	189%	—	—	—
Claims reserves ratio (IFRS17)	—	—	—	—	198%	195%	180%	175%
Technical reserves ratio (IFRS4)	213%	227%	233%	226%	227%	—	—	—
Technical reserves ratio (IFRS17)	—	—	—	—	234%	232%	216%	210%

• Technical reserves ratio includes net undiscounted claims reserves and unearned premium reserves.

P&C | 2026 Simplified Group Nat Cat Reinsurance Program 1

Insurance segment occurrence protection capacity and retention by peril ^{p. 39}

Peril	Capacity (EUR billion)	Retention (EUR)
EU Windstorm	4.0	600m
Europe Flood	2.1	450m
Europe Earthquake	2.1	400m
NA Hurricane	1.2	600m
NA Earthquake	1.2	600m
Other perils	—	400m

• Retention levels stable in 2026 compared to 2025.
• Reinsurance segment utilizes alternative capital and cat bonds.
• Program excludes local reinsurance covers.

P&C | AXA Group earnings deviation with different levels of Nat Cat cost 1 in 2026

Group underlying earnings deviation to average Nat Cat charges in 2026 (net of reinsurance, post-tax) ^{p. 40}

Percentile	Deviation (EUR billion)
1/20y (95th percentile)	-1.2
1/10y (90th percentile)	-0.8
1/5y (80th percentile)	-0.4
Median (50th percentile)	+0.1
1/5y (20th percentile)	+0.5
1/10y (10th percentile)	+0.7
1/20y (5th percentile)	+0.8

Average expected Nat Cat charges net of reinsurance, pre-tax ^{p. 40}

Year	Expected charges	Estimated impact on GEP
FY25	2.6	ca. 4.5%
FY26	2.7	ca. 4.5%

• Earnings deviation analysis presented in EUR billion, net of reinsurance.
• More severe years result in negative deviation in ca. 40% of cases.
• Less severe years result in positive deviation in ca. 60% of cases.
• Natural catastrophe cost is defined as Aggregate Exceedance Probability (AEP) of all natural perils worldwide, net of tax and reinsurance.
• Deviation comparison is made to a normalized level, representing costs associated with natural catastrophes expected in an average year, which is ca. 4.5 points of estimated FY25 GEP, undiscounted and net of reinsurance.

Table of contents section navigation ^{p. 41}

Section	Page
1. Debt and Invested Assets	31
2. Additional P&C disclosures	36
3. Additional IFRS17 disclosures	41
4. Sustainability	44

P&C | Margin analysis

P&C Margin Analysis (pre-tax unless specified otherwise) ^{p. 42}

EUR million unless otherwise mentioned	Value	Change
Current Accident Year Undiscounted Technical Margin	2,778	+707
Gross Earned Premiums	57,656	+6%
Current Accident Year Undiscounted Combined Ratio	95.2%	-1.0pt
o/w Nat Cats	3.4%	-0.4pt
Current Accident Year Discounting	2,009	+115
Discounting Ratio (in Combined Ratio points)	-3.5%	+0.0pt
Current Accident Year Net Claims reserves	19.0bn	—
Duration	4.0 years	—
Current Accident Year Discount rate	2.8%	—
Prior Years' Reserve Development (PYD)	622	-341
PYD ratio	-1.1%	+0.7pt
Investment Income	3,988	+435
FY25 Average Assets	115bn	—
Asset book yield	3.5%	—
FY25 Reinvestment yield (on fixed income assets)	4.3%	—
Insurance Finance Expenses	-1,358	-235
FY24 Reserves at locked-in rate	71bn	—
Liability book yield	1.9%	—
Underlying Earnings before tax	8,040	+681
Tax	-2,060	-169
Affiliates, Minority interests & Other	-108	-10
Underlying Earnings	5,872	+501

• Underlying Earnings representing +9% growth vs. FY24 at constant FX

FY25 sensitivity to Current Accident Year discount rate changes ^{p. 42}

Change in discount rate	Impact (EUR billion)
+25bps	+0.2
-25bps	-0.2

2026e Insurance Finance Expenses (pre-tax) ^{p. 42}

Item	Value
2026e Insurance Finance Expenses	~ -1.4bn
Sensitivity to changes in 2025 current AY Discount (+25bps)	~ -50m
Sensitivity to changes in 2025 current AY Discount (-25bps)	~ +50m

L&H | Margin analysis

L&H Margin Analysis (LFL) ^{p. 43}

EUR million unless otherwise mentioned	FY25	Change LFL
Short-term Technical Margin	479	+60
Gross earned premiums	17,416	+10%
Combined ratio	97.2%	improved 0.1pt
Long-term Technical Margin	2,804	+156
CSM release	2,954	+215
Technical experience	-150	-58
Investment Income	2,484	-1
Average assets	98bn	—
Asset book yield	2.5%	—
Reinvestment yield	3.8%	—
Insurance Finance Expenses	-1,538	-9
Reserves	62bn	—
Liability book yield	2.5%	—
Underlying Earnings before tax	4,229	+205
Tax	-800	+65
Affiliates and other	72	-51
Underlying Earnings	3,501	+219

• L&H margin analysis includes scope impact
• Underlying Earnings representing +7% growth vs. FY24 at constant FX

Life & Health FY25 CSM sensitivities ^{p. 43}

CSM Sensitivity	Impact (EUR billion)
Baseline CSM	33.3
Interest rates +50bps	-0.8
Interest rates -50bps	+0.6
Sovereign spreads +50bps	-1.9
Sovereign spreads -50bps	+1.9
Corporate spread +50bps	-0.8
Corporate spread -50bps	+0.7
Equities +25%	+1.8
Equities -25%	-2.2

• Table of contents navigation menu ^{p. 44}:
  • 1. Debt and Invested Assets ^{p. 31}
  • 2. Additional P&C disclosures ^{p. 36}
  • 3. Additional IFRS17 disclosures ^{p. 41}
  • 4. Sustainability ^{p. 44}

Expanding AXA's role in society: AXA for Progress Index 1

• As a Global Investor:
  • Climate transition financing: Target of EUR 5.0bn² per year vs. 2025 Result of EUR 6.4bn ^{p. 45}
  • Community resilience financing: Target of >EUR 500m² per year vs. 2025 Result of EUR 1.4bn ^{p. 45}
• As a Global Insurer:
  • Transition underwriting: Target of EUR 6.0bn³ in P&C GWP (cumulative 2024-2026) vs. 2025 Result of EUR 4.6bn ^{p. 45}
  • Climate adaptation solutions: Target of >20,000⁴ solutions & services (cumulative 2024-2026, target revised in 2025) vs. 2025 Result of 19,698 (cumulative 2024-2025) ^{p. 45}
  • Inclusive insurance: Target of >20m⁵ customers by 2026 vs. 2025 Result of 20.6m ^{p. 45}
• As a Company:
  • Employee climate training: Target of >80,000⁶ AXA Group employees trained on climate adaptation by 2026 vs. 2025 Result of 46,420 ^{p. 45}
  • Net-Zero contribution: Target of -50%⁷ by 2030 in absolute carbon emissions and offset of residual emissions⁸ vs. 2025 Result of -64% reduction against 2019 ^{p. 45}
  • Employee volunteering: Target of 50% of AXA Group employees engaged in volunteering activities by 2026 vs. 2025 Result of 56% ^{p. 45}

---

1. AXA's Sustainability Statement is subject to completion of a certification with limited assurance by AXA Group's auditors and will be presented to the AXA Board of Directors for approval on March 11, 2026.
2. Scope: corporate and sovereign debt, real estate and private assets. Timeframe: per annum through 2030.
3. Scope: AXA France, AXA Germany, AXA Switzerland, AXA UK & Ireland, AXA Belgium, AXA Hong Kong, AXA Mexico, and AXA XL; Unit: Gross Written Premiums (GWP); Timeframe: cumulative 2024-2026.
4. Scope: Commercial lines portfolio of AXA France, AXA Germany, AXA Switzerland, AXA UK, AXA Belgium, AXA Hong Kong, AXA Mexico, and AXA XL; Climate solutions & services include (i) training/education, (ii) risk assessment/awareness, (iii) gap analysis, (iv) prevention/adaptation solution, and/or (v) crisis management/remediation response. Timeframe: cumulative 2024-2026. Following strong support within the Group for climate adaptation solutions & services in 2024 and 2025, AXA is proposing a significant increase in its target for the 2024-2026 period, from >9,000 to >20,000.
5. Low-income to mass market segments in emerging markets and modest income segments in mature markets.
6. Number of employees who have been trained on climate change adaptation, completing a training under the AXA Sustainability Academy. Timeframe: cumulative 2024-2026.
7. Variation of AXA Group absolute carbon emissions (scope: energy Scopes 1 and 2, car fleet and business travel). Timeframe: 2019-2030.
8. Carbon credits from projects that focus on capturing and storing carbon emissions from the atmosphere using nature-based or technical solutions (e.g. restorative agriculture, forest restoration or carbon capture and storage).

Sustainability Performance & Ratings

AXA's ESG ratings and scores ^{p. 46}

Rating Agency	2025 Score
S&P Global	97th percentile in Dow Jones Best-in-Class Europe & World indices
MSCI	AAA
CDP	B
Morningstar Sustainalytics	17.0 - Low risk
FTSE Russell	4.3/5 in FTSE4Good Index Series

• The CSA ranking is a key performance indicator for AXA Group, used to calculate the grant of Long-Term Incentives (more precisely AXA Restricted Shares); results as of February 6th, 2026

Scope

• France scope includes insurance activities, banking activities, and holding ^{p. 47}.
• Europe scope includes Switzerland (insurance activities), Germany (insurance activities and holding), Belgium and Luxemburg (insurance activities and holding), United Kingdom and Ireland (insurance activities and holding), Spain (insurance activities and holdings), Italy (insurance activities), Prima (insurance activities), and AXA Life Europe (insurance activities) ^{p. 47}.
• AXA XL scope includes insurance and reinsurance activities and holding ^{p. 47}.
• Asia, Africa & EME-LATAM scope includes:
  • Asia: Japan (insurance activities and holding), Hong Kong (insurance activities), Thailand P&C, China P&C, South Korea, and Asia Holdings (fully consolidated); China L&S, Thailand L&S, the Philippines L&S and P&C, Indonesia L&S, and India (Life activities disposed on March 11, 2024 and holding) businesses (equity method consolidated, contributing only to NBV, PVEP, underlying earnings, and net income) ^{p. 47}.
  • Africa: Morocco (insurance activities and holding), Nigeria (insurance activities and holding), and Egypt (insurance activities and holding) (fully consolidated) ^{p. 47}.
  • EME-LATAM: Mexico (insurance activities), Colombia (insurance activities), Brazil (insurance activities and holding), and Türkiye (insurance activities and holding) (fully consolidated); Russia (Reso) (insurance activities) (equity method consolidated, contributing only to net income) ^{p. 47}.
  • AXA Mediterranean Holdings ^{p. 47}.
• Transversal & Other scope includes AXA Assistance, AXA Liabilities Managers, AXA, and other Central Holdings ^{p. 47}.
• AXA Investment Managers (until July 1, 2025) scope includes AXA Investment Managers, Select (previously referred to as Architas), and Capza (fully consolidated), and Asian joint ventures (equity method consolidated) ^{p. 47}.
• Accounting standards note: Unless otherwise specified, all comparative figures going back to 2023 are under IFRS17/9 standards effective January 1, 2023; periods prior to 2023 have not been restated and are presented under IFRS4 ^{p. 47}.

Glossary

• Capital-light G/A products: encompass all products with no guarantees, with guarantees at maturity only or with guarantees equal to or lower than 0% ^{p. 48}
• Contractual Service Margin (CSM): a component of the carrying amount of asset or liability for a group of insurance contracts representing the unearned profit to be recognized as services are provided to policyholders ^{p. 48}
• CSM release: a portion of CSM stock net of reinsurance at the end of the defined period flowing through profit and loss representing the estimated profit earned by the insurer for providing insurance services during the reporting period ^{p. 48}
• Economic variance: corresponds to the variance of the year-end CSM arising from changes in market conditions, net of the underlying return on in-force ^{p. 48}
• Financial result: consists of investment income on assets backing BBA and PAA contracts as well as assets backing shareholder's equity, net of the insurance finance expenses (IFE) defined as the unwind of the present value of future cash flow ^{p. 48}
• Gross Written Premiums and Other Revenues (GWP & Other Revenues): represent the insurance premiums collected during the period (including risk premiums, premiums from pure investment contracts with no discretionary participating features, fees and revenues, net of commissions paid on assumed reinsurance business). Other Revenues represent premiums and fees collected on activities other than insurance (i.e. banking, services, and asset management activities) ^{p. 48}
• New Business Value (NBV): the value of newly issued contracts during the current year. It consists of the sum of (i) the new business contractual service margin, (ii) the present value of the future profits of short-term newly issued contracts during the period, carried by Life entities, considering expected renewals, (iii) the present value of the future profits of pure investment contracts accounted for under IFRS 9, net of (iv) the cost of reinsurance, (v) taxes and (vi) minority interests ^{p. 48}
• New Business Contractual Service Margin (NB CSM): a component of the carrying amount of the asset or liability for newly issued insurance contracts during the period, representing the unearned profit to be recognized as insurance contract services are provided ^{p. 48}
• New Business Value margin (NBV margin): ratio of (i) NBV, representing the value of newly issued contracts during the current year, to (ii) PVEP ^{p. 48}
• Operating variance: the variation of the year-end CSM versus the expected at opening due to (i) the differences between realized and expected operational assumptions, (ii) changes in assumptions such as mortality, longevity, lapses and expenses, and (iii) impact of model changes. Operating variance is net of reinsurance ^{p. 48}
• Present value of expected premiums (PVEP): the new business volume, equal to the present value at the time of issue of the total premiums expected to be received over the policy term. PVEP is discounted at the reference interest rate and PVEP is Group share ^{p. 48}
• Technical experience: consists of the impacts on the underlying earnings of (i) the difference between the expected and incurred cash-flows of the defined period, (ii) the risk adjustment release, (iii) the changes in onerous contracts, and (iv) the other long-term elements which are mainly composed of non-attributable expenses ^{p. 48}
• Underlying return on in-force: represents the release of Time Value of Options & Guarantees (TVOG) plus the unwind of CSM at the reference rate plus the underlying financial over-performance ^{p. 48}

February 26, 2026 Thank you Full Year 2025 earnings

• Full Year 2025 earnings presentation concluding slide dated February 26, 2026 ^{p. 49}.

Abbreviations

• AA: Seniority rating
• AAA: Seniority rating
• ABS: Asset-Backed Securities
• AEP: Aggregate Exceedance Probability
• AI: Artificial Intelligence
• APAC: Asia-Pacific
• AXA IM: AXA Investment Managers
• AXA UK: AXA United Kingdom
• AXA XL: AXA XL (AXA's large property and casualty and specialty risk division)
• AY: Accident Year
• BBA: Beneficial Business Acquisition
• CDP: Carbon Disclosure Project
• CLO: Collateralized Loan Obligation
• CRE: Commercial Real Estate
• CSA: Corporate Sustainability Assessment
• CSM: Contractual Service Margin
• CY: Calendar Year
• DPS: Dividend Per Share
• EME: Europe, Middle East
• EOF: Eligible Own Funds
• EPS: Earnings Per Share
• ESG: Environmental, Social, and Governance
• EU: European Union
• EUR: Euro
• FX: Foreign Exchange
• GAAP: Generally Accepted Accounting Principles
• GBP: Great British Pound
• GEP: Gross Earned Premium
• GWP: Gross Written Premiums
• HKD: Hong Kong Dollar
• IFE: Insurance Finance Expenses
• IFRS: International Financial Reporting Standards
• IG: Investment Grade
• JPY: Japanese Yen
• LATAM: Latin America
• LFL: Like-for-Like
• LTV: Loan-to-Value
• MSCI: Morgan Stanley Capital International
• NA: North America
• NB CSM: New Business Contractual Service Margin
• NBV: New Business Value
• NHG: Nationale Hypotheek Garantie (National Mortgage Guarantee)
• NPS: Net Promoter Score
• OCI: Other Comprehensive Income
• PAA: Proportionate Amortization Approach
• PE: Private Equity
• PVEP: Present Value of Expected Profits
• PYD: Prior Years' Reserve Development
• RCG: Replicating Core Growth
• ROE: Return on Equity
• SCR: Solvency Capital Requirement
• SHE: Shareholders' Equity
• SME: Small and Medium-sized Enterprises
• TVOG: Time Value of Options & Guarantees
• UEPS: Underlying Earnings Per Share
• UK: United Kingdom
• US: United States
• USD: United States Dollar
• VAT: Value Added Tax